Activity

Transaction Tracking and Analytics: Steering Car Rental

The travel and transportation industry has historically been slow to innovate.
Travel History with a GPS Tracker in the industry, especially car-rental companies, rely customer service and employee loyalty, rather than digital tools, to generate business value.

Technological disruption is shifting the ground beneath their lower limb. App-based operators have already put technology at the center of the car-rental industry and increased the competition drastically. Now analytics is in the process of upending the marketplace. Today, data props up key to higher revenue and less expensive in car charter. Moreover, data can mitigate risks and drive customer satisfaction.

Thanks to the boom in range of connected vehicles, Internet of Things (IoT), and other digital tools that log transactions, that can no dearth expertise related to hire car. This means that companies must be contingent on analytics not due to business growth but for survival.

In this use of churn, the companies have to simply select the right analytics tool to reduce doubt and forecast the future. Knowing the whereabouts and status of that vehicles is much enough. Opportunities various other operations efficient, save costs and maximize revenue are additional important for car rentals.

What drives profit

The following factors make a difference to the bottomline of car-rental companies:

* Economic performance

* Regarding car rental days

* Rental rate

* Degree of rental transactions

* Usage of the rental fleet

The range of rental transactions is dependent upon corporate and leisure travel. These can be linked towards volume of air getaway.

Depending on the performance of the economy, these volumes and rates might go up or down, but the competitive pricing pressures will remain a permanent feature for the industry.

A slowdown in the economy at home or abroad can customise the revenue flow of a car-rental reputable company. These fluctuations create imperative for companies to optimize operations and rental rates to along with pressure from competitors.

In industry with many variables managing inventory, tracking fleet, keeping a tab on customers, and and much more optimization of rates and operations depends on optimization expertise.

Trakdot GPS Luggage Tracker Will Always Know Where your Luggage Is where analytics can generate tremendous value.

More along with automotive businesses have started using analytics along with cloud computing to derive a selection of benefits, from making operations more efficient to identifying the right collaborators. Hertz, for example, has automated data gathering and analysis across the world to improve customer satisfaction and preservation. Avis uses data to see the customer better and appear with customized strategies.

What can
Tracking Someones Car do

The right analytics solution must provide car-rental companies meaningful insights in an easy and intuitive manner so they can boost their pricing and planning knowledge. The solution should help companies deal with dynamic changes easily. Accurate transaction tracking can help car rentals simplify operations and identify problem areas. The end goal is to further improve productivity and customer satisfaction, and maximize revenue.

Our product, CarGain, makes accurate forecasts after analyzing all possible rental transaction data, using the power of next-generation technology like machine learning and Artificial Intelligence (AI). It tracks bookings multiple times a day and doesn’t work with house behind every spike, and provides insights on transactions triggered by events, weather, holidays and airline capacity. The effects are presented through an easy-to-use dashboard that helps car rental managers and revenue analysts track every transaction easily.

We have incorporated customer opinions into CarGain to provide more control to the user, and transparency collection up reports, map locations as well as obtain a better take a look at daily reports.

Conclusion

In industry where multiple companies have same set of cars supply on rent, how many, at what price subjects could be the difference between success and failure. Harnessing machine learning and AI, data analytics can provide price intelligence that is simple, efficient and efficient. It is the ignition that starts your company’s journey to long term.